Trinidad and Tobago's Gas Master Plan, a Decade Later

Objectives/Scope In the global energy trilemma of security, sustainability and affordability, is Trinidad and Tobago (T&T) heading in the right direction? This paper seeks to examine this question by reviewing T&T's natural gas industry and the main risks and challenges faced by the industry during the period 2005 to 2024. Key consultant recommendations and the resulting action items from 2005 to 2024 were studied. Additionally, T&T's energy transition strategies from 2025 and beyond were reviewed, focusing on current key policies and adopted strategies. Methods, Procedures, Process To achieve the objectives stated above, the following steps were undertaken: An overview of T&T's economy for the period 2005 to 2024. A comprehensive review of consultants’ and stakeholders’ views on the key risks and challenges associated with the industry and the recommendations made during the period stated above. A reflection on the strategic efforts by the Ministry of Energy and Energy Industries (MEEI) to assess and implement any recommendations and ensure T&T addresses the energy trilemma of security, sustainability and affordability. A summary of the outlook of the global gas economy and projected production output from 2025 and beyond, based on current key policies and strategies adopted. Results, Observations, Conclusions In the last two decades, there have been major shifts in T&T's natural gas sector. The last decade has seen a decline in production. However, the country's access to infrastructure, competitive energy markets, and regional and cross-border collaboration have continued to drive energy investments. T&T's average production from the first to the second decade contracted by 0.9 bcf/d, with its P1 and C1 values also declining by 0.6 tcf in the same period. However, its exploration potential grew by 33% in the latter decade. An estimated 102,000 km2 in acreage were offered over the last two decades. While 42% of this was transformed into exploration potential and the reserves we see today, numerous factors, in particular commercial terms, contributed to these results. The MEEI continues to push the envelope to assess and implement recommendations to improve T&T's competitive edge in the energy sector, along with the development of renewable energy initiatives as key pillars of its energy transition strategy. Novel/Additive Information The importance of T&T's energy industry remains resolute as it still contributes substantially to the economic fabric of the country Similar risks and challenges faced two decades ago still exist. However, the increased international concern centered around climate change, energy security, and energy affordability has prompted T&T to reexamine and focus its efforts on an Energy Transition Strategy. While T&T is nascent in its transition approach, its efforts are indeed focused in the right direction.